AUD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the weekly chart AUD/CHF is in a clear down-trend, but over the next few weeks the Aussie has a good opportunity to recover. It has recently formed a bullish channel, and the medium-term outlook is therefore bullish. However, as the currency pair has just bumped into the upper boundary of the pattern, in the short term the bears are likely to push the price lower. AUD/CHF is expected to be capped by 0.7050. The bulls should then regain control of the pair either at 0.6850 (monthly PP and 200-period SMA) or at 0.68 (lower boundary of the pattern). In the meantime, a substantial majority of the SWFX market traders is long the Australian Dollar against the Swiss Franc, namely 71%.
© Dukascopy Bank SA
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